In a report released yesterday, Anthony Vendetti from Maxim Group maintained a Buy rating on Craft Brewers Alliance (BREW – Research Report), with a price target of $21. The company’s shares closed last Monday at $10.29, close to its 52-week low of $10.22.
“AB Inbev (BUD – NR) will not be making an offer for the remaining BREW shares it doesn’t own and will make a $20M one-time payment in connection therewith. BREW’s existing Master Distribution Agreement remains intact through 2028, and the existing Contract Brewing Agreement and International Distribution Agreement remain intact through 2026. BREW will host a conference call on to provide an update on the company’s go-forward business strategy and full-year 2019 financial outlook.”
According to TipRanks.com, Vendetti is a 4-star analyst with an average return of 3.0% and a 45.3% success rate. Vendetti covers the Healthcare sector, focusing on stocks such as Ellex Medical Lasers Limited, Restoration Robotics Inc, and Ra Medical Systems Inc.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Craft Brewers Alliance with a $18 average price target.
Based on Craft Brewers Alliance’s latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $2.61 million. In comparison, last year the company had a net profit of $4.45 million.
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Craft Brew Alliance, Inc. operates as an independent craft brewing company, which engages in brewing, branding, and marketing of craft beers. It operates through the Beer Related Operations and Brewpubs Operations segments.